Preheat oven to 350 degrees F. Line a baking sheet with aluminum foil and set aside.

To a mixing bowl, add cream cheese, vanilla extract, and granulated sugar. Use a rubber spatula to whip together. Carefully fold in rainbow jimmies.

Open crescent rolls and separate into triangles.

Spoon about 2 Tbsp of cream cheese mixture onto the wide end of the crescent triangle and roll up towards to narrow end, forming the crescent roll shape.

Repeat with remaining crescent roll triangles.

Bake for 10-15 minutes, until lightly golden brown.

While crescents are baking, make the glaze.

Add powdered sugar to a small mixing bowl. Pour in milk and vanilla extract and whisk until a smooth glaze forms.

Remove baking sheet from the oven and drizzle glaze over cooked crescent rolls.

Sprinkle with non-pareil sprinkles if desired.